The crypto market is faced with an ongoing bullish run and most coins are in the green. Even though a bullish run is expected to increase the trading rates of most Ripple is having a hard time keeping up.
Ripple has shown a (3%) three percent increase in its rates and on the other hand, the top two coins, Bitcoin and Ethereum are showing significantly rising rates.
Even though Ripple is not delivering as much as it should be on the charts its news background is better when compared to other coins on the chart. Most banks trust Ripple’s blockchain technology and are pursuing it as their first priority when adopting blockchain.
Recently the SCM of Thailand has announced that it will be using Ripple’s blockchain technology to improve the quality of its international transactions.
Ripple has built itself up from scratch and its origin story is often not discussed more often. XRP is slowly gaining some momentum as was predicted. However, this will not last for long a minor decline is on its way and Ripple should be prepared for it.
If we analyze the thirty-minute charts we notice that XRP has been going through an ongoing bearish run since May. The market quotes have dropped down by twenty percent (20%) and this means that Ripple still drop to the support levels of ($0.38).
On the other hand, if we analyze the four-hour charts the scenario we are presented with looks much more reassuring. This data suggests that Ripple might recover and start a bullish rally sometime around.
The trend following momentum which is also known as moving average convergence divergence suggests that the Ripple sellers are leaving the market and the relative strength index is neutral.
All of these signs indicate an incoming bullish rally. It is currently trading around $0.388 but the $0.5 mark is not far by the end of May or mid-June.